According to an national estate agent, there were 13 new buyers for every property listed in the UK in September.
The Autumn selling season has begun which has already seen a low supply of properties, leading to the latest imbalance within the industry.
The UK property market opened back up in May 2020 and since, demand has not been a problem. More specifically, September saw the number of new prospective buyers being 57% above the five-year average between 2015 and 2019.
Tom Bill, head of UK residential research, undertook the analysis. He concluded that “the rising cost of living, however long it last, may cause some fraying around the edges but demand is likely to remain robust over the next six months.”
He continued: “The vicious circle of how supply won’t become a virtuous circle overnight. More prospective vendors will come forward as they find their own purchase options, a process that it underway but requires time. Sales instructions have hovered around the five-year average this year but the shelves are emptying more quickly, creating the kind of disruption seen in other parts of the economy.”
Due to the imbalance in the market, we find that many of our properties here at ELR are extremely popular with potential buyers. In particular, one of our properties located in High Storrs (S11) had 32 viewings, and 17 offers were made!
Buyer competition is tougher than ever which is why we offer the private buyers list at our Sheffield branch!
We started our private buyers list 2 years ago and now, approximately 15% of our sales being are completed ‘off book’.
But how does it work?
You simply tell us what you’re looking for in a ‘forever home’ and then our experts will handpick properties that are not yet live on the market which meet your needs and wants. After this, we will contact you to notify you about the properties. All you need to do is decide whether you’d like the view the properties.
We recommend this service because it allows you to skip past the bidding wars and view properties that no one else will know about. It will give you the best chance to secure your ‘forever home’
If this sounds like something you are interested in or would like to hear more about, then contact James Ross:
- James.ross@elr.co.uk
- 0114 268 3388